Public Notices
PUBLIC NOTICE: LOUISIANA PUBLIC FACILITIES AUTHORITY REVENUE AND REFUNDING BONDS (TULANE UNIVERSITY OF LOUISIANA PROJECT) $600,000,000
May 14, 2024
NOTICE OF PUBLIC HEARING
NOT EXCEEDING $600,000,000
LOUISIANA PUBLIC FACILITIES AUTHORITY
REVENUE AND REFUNDING BONDS
(TULANE UNIVERSITY OF LOUISIANA PROJECT)
NOTICE IS HEREBY GIVEN that the Louisiana Public Facilities Authority (the “Authority”) will hold a public hearing on Wednesday, May 22, 2024, at eleven thirty o’clock (11:30) a.m. at the offices of the Authority, 2237 South Acadian Thruway, Suite 650, Baton Rouge, Louisiana, with respect to the captioned revenue and refunding bonds (the “Bonds”). The Bonds are proposed to be issued by the Authority in multiple series pursuant to a plan of finance in an aggregate face amount not to exceed $600,000,000, and the proceeds of the Bonds are to be loaned by the Authority to The Administrators of the Tulane Educational Fund (Tulane University of Louisiana), a Louisiana nonprofit corporation (the “University”), for the purpose of (i) refunding all or a portion of the Authority’s previously issued Revenue and Refunding Bonds (Tulane University of Louisiana Project) Series 2016A (the “Series 2016A Bonds”), and (b) Refunding Revenue Bonds (Tulane University of Louisiana Project) Series 2007A-2 (the “Series 2007A-2 Bonds” and together with the Series 2016A Bonds, “Prior Bonds”), and the maximum amount of Bond proceeds to be expended for this purpose is not to exceed $300,000,000 principal amount; (ii) paying all or a portion of the cost of constructing, installing, acquiring, equipping, furnishing, and renovating infrastructure and capital facilities and equipment throughout all campuses of the University, including but not limited to, enterprise resource planning systems (the maximum amount of Bond proceeds to be expended for this purpose is not to exceed $30,000,000), medical center conversion to provide a nursing school, including but not limited to, additional student educational spaces and administrative offices (the maximum amount of Bond proceeds to be expended for this purpose is not to exceed $30,000,000), athletics facilities (the maximum amount of Bond proceeds to be expended for this purpose is not to exceed $25,000,000), administration offices and additional educational facilities (the maximum amount of Bond proceeds to be expended for this purpose is not to exceed $50,000,000), and housing and improvements to all facilities at the University (the maximum amount of Bond proceeds to be expended for this purpose is not to exceed $200,000,000) (collectively, the “Project”), (iii) paying capitalized interest, if desired and (iv) paying costs of issuance of the Bonds.
The initial and current owner of the Project facilities and equipment is and will be the University. The Project will be located on the University’s uptown campus, including at uptown square, and downtown campus. The University’s uptown campus is located at 6823 St. Charles Avenue, New Orleans, Louisiana, which includes the area bounded by St. Charles Avenue, Broadway Street, Claiborne Avenue and Calhoun Street in New Orleans, Louisiana (the “Uptown Campus”), which includes uptown square which is located at 200 Broadway Street, New Orleans, Louisiana, and the downtown campus is located at 1430 Tulane Avenue, New Orleans, Louisiana, which includes the area bounded by Loyola Avenue, Canal Street, Poydras Street and Interstate I-10 (the “Downtown Campus”).
The proceeds of the Series 2007A-2 Bonds were loaned by the Authority to the University for the purpose of refinancing a portion of the University’s Series 2005 Taxable Bond and paying costs of issuance of the Series 2007A-2 Bonds. The Series 2005 Taxable Bond financed the improvement, construction, reconstruction, rehabilitation and refurbishment of the following academic and administrative facilities at the Downtown Campus and the Uptown Campus:
Downtown Campus:
School of Medicine Building at 1430 Tulane Avenue, New Orleans, Louisiana
School of Public Health at 1440 Canal Street, New Orleans, Louisiana (the Tidewater Building)
Child Care Center at 1270 Elks Place, New Orleans, Louisiana
Dormitory at 208 South Saratoga Street, New Orleans, Louisiana
SO Medicine Facilities for the School of Medicine at 1555 Poydras Street, New Orleans, Louisiana
Uptown Campus:
Academic Buildings, including without limitation, Gibson Hall, Tilton Hall, Dinwiddle Hall, Richard Memorial (School of Architecture), Richardson Mayer Hall, Boggs, Israel Science Building, Stern Hall Science Building, Jones Hall Library Building, Law School Building, Business School, Goldring Woldenberg Hall, Newcomb Hall and Caroline Richardson Building.
Dormitories, including without limitation, Monroe Hall, Sharp Hall, Irby Hall, Patterson Hall, Wall Hall, Phelps Hall, Butler Hall, Mayer Hall, Warren Hall, Josep Louise Hall, Willow and Aron Dormitories.
Recreational, Athletic, Dining and Other Facilities, including without limitation, Newcomb Dean’s Residence, University Center, Dixon Hall, McAlister Auditorium, Fogelman Arena, Bruff Common Dining Hall, Howard Tilton Main Library, Newcomb Nursery, Woldenburg Art Center, Facilities Building, Power Plant Building, Student Health Center Building, Alumni Office Building, Diboll Garage, Reilly Recreational Center, Wilson Center Athletics Offices, and Tony Sotio Batting Pavilion.
The proceeds of the Series 2016A Bonds were loaned by the Authority to the University, for the purpose of (i) refunding all of the callable maturities of the Authority’s Series 2007A-1 Bonds; (ii) paying all or a portion of the cost of constructing, installing, acquiring, equipping, furnishing, and renovating certain projects throughout the Parish of Orleans, for the benefit or use of the University in the State of Louisiana, including, but not limited to (a) expansion of the A.B. Freeman School of Business, (b) purchase of physical plant infrastructure and equipment, (c) repairs and/or improvements to the parking lot at University Square, and (d) repairs and/or improvements to the Mayer, Sharp, Irby, Phelps, Wall and other housing facilities located on the University’s uptown campus, (iii) funding capitalized interest accruing on a portion of the Bonds, and (iv) paying costs of issuance of the Series 2016A Bonds. The proceeds of the Series 2007A-1 Bonds were loaned to by the Authority to the University for the purpose of refinancing a portion of the Authority’s Series 1997A-2 Bonds, Series 2002A Bonds, Series 2002C Bonds, Series 2004A Bonds and Series 2004B Bonds (the “2007A-1 Refunded Bonds”), and (ii) paying the costs of issuance of the Series 2007A-1 Bonds.
The 2007A-1 Refunded Bonds were issued to finance or refinance the costs of planning, acquiring, constructing, renovating, improving, equipping, furnishing and/or upgrading educational and related facilities at the Uptown Campus and educational, medical and related facilities at the Downtown Campus, including, without limitation, Uptown Campus and Downtown Campus housing system and certain non-residential, academic and administrative facilities as part of the University’s capital renewal program, including the modification of certain facilities to allow handicap accessibility in compliance with the Americans with Disabilities Act and priority class one life and fire safety measures, located at the Uptown Campus and Downtown Campus, undertaking certain energy conservation measures, including a lighting efficiency upgrade and improvements to the cooling, heating, ventilation and dehumidification systems of uptown campus buildings, acquiring and developing new University-wide information systems technology, and acquiring and developing an eight story, approximately 178,000 square foot student housing complex for the Tulane Medical Center located at 145 Elks Place, New Orleans, Louisiana, Turchin Baseball Stadium, uptown academic and administrative buildings and dormitories, and infrastructure and supporting utility improvements (Series 1997A-2, Series 2002A, Series 2002C and Series 2004A); (iv) the Tidewater Building, consisting of 24 floors, including 6 floors of parking located at 1440 Canal Street, New Orleans, Louisiana, as part of the University’s Downtown Campus (Series 2002A); and (v) a co-generation facility at the Uptown Campus (Series 2004B).
The Authority shall conduct the public hearing for the purpose of receiving comments on and hearing any objections (verbal or written) to the proposed issuance of the Bonds. All interested parties are invited to attend such public hearing to express their views. Questions or requests for additional information may be directed to Foley & Judell, L.L.P., Attorneys and Counsellors at Law, One Canal Place, Suite 2600, 365 Canal Street, New Orleans, Louisiana 70130 (504) 568-1249.
Persons who intend to appear at the hearing and express their view are invited to contact Patricia A. Dubroc, President and Chief Executive Officer of the Authority, at the Authority’s offices, either in writing or by telephone (225) 923-0020, in advance of the hearing. Any interested persons unable to attend the hearing may submit their views in writing to Ms. Dubroc prior to the date scheduled for the hearing. The location and time of the hearing may be changed or an additional hearing will be scheduled if requested to do so in written requests submitted to Ms. Dubroc prior to the aforementioned date of the hearing by a significant number of interested persons.
The Bonds will be secured solely by payments made by the University, will not be payable from any other revenue of the Authority or the State of Louisiana, and will not constitute an indebtedness of the Authority or the State of Louisiana within the meaning of any constitutional or statutory limitation of indebtedness.
This notice is published and the aforementioned public hearing is to be held in satisfaction of the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, regarding the public approval prerequisite to the excludability from gross income for federal income tax purposes of the interest on the Bonds.
LOUISIANA PUBLIC FACILITIES AUTHORITY
May 14, 2024